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1005 Raleigh Street, Elizabeth City, NC 27909

$2,695,827

Property Type: Comm Sale or Lease Square Footage: 21,500 Lot Size (sq. ft.): 124,668 Status: Active

Current Price: $2,695,827 List Date: 2/03/2026 Last Modified: 3/13/2026

Overview

Description

Unique investment opportunity to acquire a well-maintained, multi-family apartment complex at a 9% cap rate. NOI at full occupancy is $243,704.40. The complex consists of three properties: 1005 Raleigh St. (892309261179), 1110 Park St. (892309260112), and 0000 Park St. (892309261032). This portfolio includes 24 units, each ranging approx. 800-900 sqft, with a combined building square footage of approx. 21,500 sqft. All units feature 2 bedrooms and 1 or 1.5 bathrooms. Several one-story units offer handicap accessibility, while the remaining units are configured as 2-story apartments. 1110 Park St. consists of four quadplex buildings. 1005 Raleigh St. includes one duplex and one six-unit building. The complex is currently 95.8% occupied, with only one vacant unit, actively marketed at $1,250/month. Current rents range from $1,000-$1,300 per month. At current occupancy, the property generates approximately $309,600 in gross annual income, with projected gross income of $324,600 at full oc ... (Read more)

Listing Details MLS# 100552609

Contract Info

Delayed Marketing?: No
Marketing Start Date: 2026-02-03
Sub-Type: Multi Family
Garage: N/A
Sale/Lease: Sale
Listing Price: 2695827
List Price/SqFt: 125.39
Stipulation of Sale: Standard

Location Information

Street #: 1005
Street Name: Raleigh
Street Suffix: Street
County: Pasquotank
State/Province: NC
Zip Code: 27909
City Limits: Yes
Marketing City: Elizabeth City
Subdivision: N/A

Remarks and Showing

Directions to Property: Turn on Park Street from Southern Ave. and 1110 Park Street will be on your left as you approach the intersection of Park and Raleigh Street. To access the Raleigh Street property, turn left at the intersection of Raleigh and Park Street, and the driveway will be the third property on your left.
Sign on Property: Yes

Building Info

New Construction: No

BuildingExt Features

SqFt - Heated (Primary): 21500

Legal and Taxes

Tax Assessed Value: 1236000
Deed Book: 1284
Deed Page: 472
Legal: Raleigh Park Rentals, LLC
Broker Owner: No
PID: 892309261179
Tax Identifier: 892309261179
Plat Book: DB 480, DP 957 and DB 514, DP 475
Plat Page: DB 480, DP 957 and DB 514, DP 475
Total Real Estate Property Taxes: 14955.6
Special Assessments: N/A
Tax Year: 2026
Year Built: 1990
Zoning: AD and R-8
HOA: No
Cobra Zone: No
Federal Flood Ins Avlbl: Yes

More Information

Financial Info

Gross Income: 309600
Cap Rate %: 9
Real Estate Taxes: 14955.6
Insurance Expense: 27000
Management Fee: 30960

Building/Ext Features

ud_i_07: 360
# of Parking Spaces: 46
# of Units: 24
Fireplace Y/N: No
Lot Acres: 2.86
Lot SqFt: 124668
Lot Dimensions: Irregular
SqFt - Apx Total: 21500
Location Type: Mainland

Business Type

Other: Yes

Current Use

Multi-Family: Yes
Residential: Yes

Basement

None: Yes

Construction

Wood Frame: Yes

Exterior Finish

Brick: Yes
Vinyl Siding: Yes
Cedar: Yes

Terms

1031 Exchange: Yes
Cash: Yes
Conventional: Yes

Foundation

Block: Yes
Slab: Yes

Flooring

Carpet: Yes
Vinyl: Yes

Fuel Tank

None: Yes

Parking Features

Asphalt: Yes
Off Street: Yes
On Site: Yes
Parking Lot: Yes
Paved: Yes

Sale/Lease Includes

Buildings: Yes
Land: Yes

Roof

Shingle: Yes

Road Type/Frontage

2 - 3 Lanes: Yes
Public (City/Cty/St): Yes

Road/Trans Access

Airport: 16+ Miles
County Highway: 6 - 10 Miles
Interstate: 16+ Miles
Port: 16+ Miles
Rail: Less than 5 Miles
State Highway: 6 - 10 Miles

Cooling

Central Air: Yes

Location

Residential: Yes

Heating

Forced Air: Yes
Heat Pump: Yes

Heating System Fuel Source

Electric: Yes

Water Heater

Electric: Yes

Utilities

Electricity Connected: Yes
Sewer Connected: Yes
Water Connected: Yes

Water Source

Municipal Water: Yes

Sewer

Municipal Sewer: Yes

Lease Types

Gross: Yes

Property Features

Business Type: Other Basement: None Construction: Wood Frame Exterior Finish: Brick; Vinyl Siding; Cedar Flooring: Carpet; Vinyl Foundation: Block; Slab Fuel Tank: None Parking Features: Asphalt; Off Street; On Site; Parking Lot; Paved Roof: Shingle Current Use: Multi-Family; Residential Location: Residential Cooling: Central Air Heating: Forced Air; Heat Pump Heating System Fuel Source: Electric Water Heater: Electric Utilities: Electricity Connected; Sewer Connected; Water Connected Sewer: Municipal Sewer Water Source: Municipal Water Terms: 1031 Exchange; Cash; Conventional Lease Types: Gross

IDX

Listing Office: Rich Company

Last Updated: March - 13 - 2026

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